DLF, Tata Motors, Shriram Finance, NMDC, Indian Overseas Bank, Hindustan Zinc stocks in focus on 2 Jan 2023
时间:2024-09-27 19:25:59 阅读(143)
Indian share market outperformance is likely to take a breather in the first half of 2023, given relative valuations. However, India is still expected to have better growth than most parts of EM due to a relatively strong macro environment, analysts said. The market staged a smart recovery in the last week of 2022. The BSE Sensex rallied nearly 1,000 points to 60,841, and Nifty 50 jumped nearly 300 points to 18,105 level. “Q3 results and the upcoming Union Budget could provide much-needed fresh positive triggers to Indian equities. Auto sector is likely to be in focus this week on back monthly auto sales data. Metals too will be in focus after China announced to raise export duty on metals,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services.Stocks in focus on 2 January, Monday
Indian Overseas Bank: Ajay Kumar Srivastava has been elevated as MD and CEO of Chennai-based public sector lender Indian Overseas Bank (IOB) with effect from January 1, 2023 from his current position as ED.
HG Infra Engineering: The company emerged the L1 bidder for a DMRC (Delhi Metro Rail Corporation) project. The bid was for Rs 412.11 crore, and the construction period is 24 months.
Shriram Finance: The company has raised five-year loan of $100 million from the Asian Development Bank (ADB) through external commercial borrowing (ECB) under its social finance framework. The funds will be used for vehicle finance for commercial purposes with BS-VI compliant vehicles and electric vehicles.
Hindustan Zinc: HZL, a subsidiary of Vedanta, is setting up a 0.5 million tonne (MT) per annum fertiliser manufacturing plant at Chanderiya in Chittorgarh district of Rajasthan, according to a senior company official. The plant, to be commissioned in the next two years, will mainly produce phosphatic fertilisers: di-ammonium phosphate (DAP) and NPK nutrients. HZL will be investing around Rs 2,500 crore to set up the fertiliser plant, which includes a roaster plant.
Tata Motors: Tata Passenger Electric Mobility, a subsidiary of Tata Motors, has decided to complete the acquisition of Ford India’s manufacturing plant at Sanand in Gujarat on January 10, 2023. As a part of the acquisition, Ford India will transfer the entire land, buildings, and the vehicle manufacturing plant, along with machinery and equipment, for Rs 725.7 crore. Tata Motors will also retain certain employees.
Jammu & Kashmir Bank: The lender has raised Rs 1,021 crore via allotment of 1,021 non-convertible debentures (NCD) with a face value of Rs 1 crore each.
REC: the state-owned power project finance company has received board approval for the sale of its entire shareholding in WRSR Power Transmission to Adani Transmission. WRSR Power Transmission is owned by REC’s subsidiary REC Power Development and Consultancy (RECPDCL). Adani Transmission has emerged the winning bidder through a tariff-based bidding process.
NMDC: Life Insurance Corporation of India pared its stake in the state-owned iron ore company by 2.07% via open market transactions. With this, LIC’s shareholding in NMDC is reduced to 13.699%, from 15.772% earlier.
Religare Enterprises: Religare Finvest and parent company Religare Enterprises have entered into a one-time settlement agreement with 16 lenders for a full and final settlement of Religare Finvest’s dues. Religare Finvest has been taking necessary corrective measures as advised by the Reserve Bank of India, and will seek the removal of the CAP (corrective action plan) in due course, so that Religare Finvest can restart its lending business.
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